Thank you Mole. An interesting analysis. My concern is whether...

Thank you Mole. An interesting analysis. My concern is whether Karrara is being run for the benefit of the joint venture or for the benefit of the greater Ansteel.

Ansteel is in control and within margins could realise revenue in Karrara or Ansteel (China).

If revenue is taken in China, Ansteel gets 100% of the benefit. If revenue is taken in Karrara, Ansteel gets only 52%.

As shareholders through the ASX we get no information which makes these issues transparent.

ASX needs to look at the transparency of these types of arrangements. I was a supporter but now think they work against the credibility of the Australia equity market.